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So you’ve bought an investment property and you need a tenant. Have you been thinking about managing this yourself? If so, there are a few points you should probably think about. Wen you engage a Property Manager it’s for more than simply having an open inspection and collecting rent.
Property Managers have an in-depth knowledge of the real estate industry with expertise in the management of investment properties.
A Property Manager will advise you, as a Landlord, on your legal requirements for renting, fixing and maintaining an investment property. You could save thousands on legal fees and Tribunal appearances by taking the expert advice of a Property Manager in relation to your obligations.
A Property Manager will not only interview potential tenants but they will check an applicant’s suitability to rent your property, check previous rental histories and check references. Property Managers have access to an industry ‘blacklist’, or tenant database, to identify potentially problematic tenants. As an added level of security, a Property Manager will ask qualifying questions of the proposed tenant. The responses received may vary from those on the Tenancy Application Form, meaning your interests are further protected.
Screening tenants may sound simple enough however if a tenant eventually can’t, or won’t, pay rent then strict legal protocols must be followed. Certain rules must be adhered to in order to evict a difficult tenant, secure the bond and then re-let the property.
Similarly, most Landlords won’t relish being woken up at 2.30am because a water service has broken or a tree has fallen on the roof. These may seem extreme examples but many tenants will want immediate action if repairs are required. A Property Manager will handle these inconveniences for you.
You’ll also benefit from the expertise of a qualified Property Manager when tax time rolls around. Typically, you will receive a single statement from your Property Manager detailing tax deduction items, rental income, maintenance and repairs costs, and management fees.
If you have multiple rental properties, do not wish to be a hands-on landlord, don’t live near your rental properties, have limited time, run your own business or are part of an affordable housing program then please talk with Amal Khodair-Vemana from Amkar Real Estate about your property management needs. With sixteen years in the industry, Amal is an expert in the field.